South Korean President Lee Jae-myung is experiencing a significant drop in approval ratings, as public dissatisfaction mounts over his administration’s handling of housing policies, government appointments, and other domestic affairs. According to a recent opinion poll, 63.3% of those surveyed disapprove of Lee’s performance, while only 33.8% express approval. This decline in support comes as Lee enters the second year of his five-year term in office.
The administration’s housing policies have become a major point of contention among the public. Efforts to curb property speculation through stricter borrowing rules and heightened taxes on owners of multiple or high-value homes have been introduced. However, critics argue these measures may exacerbate challenges for potential homebuyers, particularly in high-demand urban centers like Seoul, where property prices have remained steep.
Political controversies have further fueled the decline in Lee’s approval ratings. Issues such as the withdrawal of a ministerial nominee and accusations against another have added pressure on the government. These political challenges have led to growing concern within the ruling Democratic Party about its future in upcoming parliamentary elections. Party supporters are increasingly urging the government to restore public trust over the next two years.
In response to these issues, the administration has acknowledged the rising public discontent and is reportedly reviewing concerns related to housing, financial markets, and political matters. President Lee is expected to directly address the nation in the coming weeks, possibly outlining plans to tackle these pressing challenges.
The debate over housing supply has become particularly intense in Seoul, where proposals for land development in the Yongsan district underscore the difficulty of balancing the need for new housing with the preservation of green spaces. During his presidential campaign, Lee promised to expand the housing supply while enhancing urban living conditions. His administration now faces mounting pressure to prove that its housing strategies can alleviate affordability and supply issues without further alienating potential buyers.